The Shovel Readiness of Obamanomics

As if Obama’s swath of destruction on our economy wasn’t apparent enough, Dr. Milton R. Wolf, who happens to be Obama’s cousin, wrote his analysis in a Washington Times column.

……When President Reagan entered office, America faced a deep recession with double-digit unemployment and inflation, plus dishearteningly long gas lines. Rather than wasting time blaming his predecessor, the Gipper went right to work unveiling Reaganomics – an embrace of the free market – which included four simple principles: (1) lower tax burden, (2) lower government spending, (3) lower regulatory burden, and (4) a strong dollar monetary policy.

The top income tax rate was reduced from a stifling 70 percent to a low of 28 percent. Total federal spending was reduced from 23.5 percent of gross domestic product to 21.2 percent. Deregulation ended disastrous price controls and curtailed the government’s micromanaging of private businesses. Disciplined money supply strengthened the dollar.

As Peter Ferrara, policy adviser to Reagan, has described, the results were beyond spectacular. Reaganomics unleashed an explosive growth of wealth and prosperity, the largest in the history of humankind. Some 20 million jobs were created. Unemployment dropped to 5.3 percent. The gross domestic product growth rate hit a high of 6.8 percent, and the total economy grew by nearly a third. Inflation dropped to 3.2 percent. Even the oil shortage was solved almost overnight.

……Obamanomics favors top-down compulsory cooperation over voluntary. It is the anti-Reaganomics. Mr. Obama has done the following: (1) raised taxes, (2) unleashed a wild orgy of spending, including his disastrous so-called “stimulus,” (3) dramatically increased regulations and even nationalized industries and businesses, and (4) printed money out of “quantitative easing” thin air.

The results were predictable. Since the Obama stimulus – a collection of “shovel-ready” projects promised to save the economy – was signed into law, America has lost 1.9 million jobs and unemployment has surpassed 9 percent. GDP growth remains anemic. Consumer confidence has tumbled. Gas prices were at $1.81 per gallon before Mr. Obama put his “boot on the neck” of suppliers, and now it’s more than doubled, to $3.81. We burn our food supply in our gas tanks, and grocery prices have skyrocketed – some staples by as much as 40 percent. Since the president signed his mortgage rescue plan, Americans have seen 3.82 million foreclosures. Most disturbingly, the majority of Americans are receiving some type of welfare.
More: http://www.washingtontimes.com/news/2011/jun/28/obamanomics-is-shovel-ready/

Undeterred by his own disastrous fuckups, THE ONE still insists on raising the debt ceiling, which would only give him the opportunity to spend more money we don’t have.  If the debt isn’t reduced, we are in serious danger of losing our AAA rating.

The debt stands at over $14 trillion and counting.  It’s predicted to reach over $19 trillion by 2015.  It might get there before Obama is kicked out of office.

The government ran up this debt; we the people did not. Corrupt politicians ram through wasteful pork barrel spending without our consent and then dig into our pockets so as not to ‘shrink the government’.

While the ‘smartest guy in the room’  yucks it up over his power grabs and hallucinatory job creations,  the country has been thrown down a socialist economic black hole that no shovel can reach.

Related posts:
http://sfcmac.wordpress.com/2010/03/16/the-ones-cousin-dr-milton-wolf-slams-obamacare/
http://sfcmac.wordpress.com/2011/04/16/obamas-deficit-speech-best-described-as-fraud-waste-abuse/

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